Elon Musk Acquires Twitter, Cryptocurrency Market Cap Rises Above $1 Trillion

Cryptocurrency markets have seen significant bullish momentum this week, with Bitcoin and Ethereum rising by 7% and 19% in the past week. While cryptocurrency prices remain relatively flat this Friday compared to yesterday, the market sentiment remains bullish. Let’s look at relevant crypto and global news affecting markets today.

Key Points:

• Elon Musk finalizes his acquisition of Twitter, taking the company private and firing the CEO and several executives.
• Core Scientific declares bankruptcy, and its stock is down more than 97% in two days.
• Over $500 million in short Ethereum positions got liquidated after the recent bull run.
• Crypto markets remain healthy, with BTC and ETH holding support.

Market Update

The biggest news of today is Elon Musk’s Twitter acquisition, which has been finalized. Musk’s buyout of the company is finally complete. His first action was to fire Twitter CEO Parag Agrawal, CFO Ned Segal, policy head Vijaya Gadde, and Twitter’s general counsel Sean Edgett.

According to a CNN report:

“Musk fired CEO Parag Agrawal and two other executives, according to two people familiar with the decision. Twitter declined to comment.”

While Twitter users may not notice an immediate effect on the platform, Musk has pledged to take a serious approach to free speech on the platform. In addition, it’s no secret that Elon will wage war against spam bots and fake accounts on the platform, likely leading to a significant reduction in spam replies and fake followers.

In other news, as we covered in yesterday’s crypto market update, Core Scientific, the world’s largest bitcoin mining company, has declared bankruptcy, and its stock is down more than 97%. The stock was down over 70% on Thursday and continued to lose value this Friday. Unfortunately, another Bitcoin mining operation is facing a similar fate to Celsius and Terra Luna. Still, it should serve as a stark reminder that cryptocurrency continues to be a volatile industry with high price fluctuations.

When it comes to Ethereum, a report by Cointelegraph highlights that over $500 million in short positions were recently liquidated with the recent bull run for Ethereum. According to Cointelegraph:

“As with Bitcoin, the market had become heavily short ETH, expecting a trip to new macro lows after weeks of sideways action and failed breakouts. It thus only took around $250 of upside to liquidate more short positions (in U.S. dollar terms) than ever before — $275 million on Oct. 25, with another $250 million the day after.”

Today’s markets continue to test newfound support, with Bitcoin remaining above $20k and Ethereum trading above $1,500. Bitcoin’s market cap is at $396 billion, while ETH is trading at $190 billion. The 24-hour trading volume for BTC and ETH remains unchanged in the past 24 hours, at $49 billion for BTCUSD and $22 billion for ETHUSD.

We will likely not see substantial price action this weekend as the market continues to test support and build momentum for next week.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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